Starter homes are not likely to have major improvements done on them. Investing in a starter home will have to keep repairs in mind as replacing a roof or plumbing can result in a loss on this investment. Repairs on a home that you will live in until your mortgage is paid off are far different. You want to extend the lifetime of the home overall and improvements have to be done with durability in mind. Investing some extra money in a higher quality material that lasts longer helps stretch the budget. The following are major home improvements or repairs that you will encounter after living at a home long-term.
The floors being replaced is a no brainer if there is an old shag carpet that takes you back in time to bell-bottoms and letterman jackets. The flooring in your home can be a defining feature so it is important to consider all of your options. Wood flooring is classic but it can be immensely expensive while also being tough to maintain. Tile is another option that is durable and easy to clean. You do not have to worry about a tile floor buckling due to a puddle like that of a wood floor. Wood flooring will have to be replaced and refinished over time. Painted concrete is another option but this can be slick if damp in any way unless the floor is painted including sand for traction.
Roof Will Need to be Replaced
Lucky homeowners will have the roof replaced a year or two before they purchased the home. A number of roofing companies offer guarantees on the roof for years into the future. Depending on the type of material your roof is made of, it could be decades until your roof requires replacement. Roofing experts coming to inspect the roof before summer or winter can be important. The last thing a homeowner wants is a leak that leads to water damage and potential mold. Get a few estimates from companies in the area when it comes to your roof. Piedmont Roofing, a Fairfax roofing company notes, “Being proactive in your roof’s care means that you can rest easy knowing that you have a safe, dry place to call home.” Keep in mind a company in a cooler location is going to charge different prices from a roofing company in a warm location like that of Florida.
Addition of In-Law Suite for Income
The addition of an in-law suite or room/apartment with a kitchen and bathroom can generate income. Airbnb is a popular option for homeowners to generate income. Looking for a consistent renter is an option but this will result in your family visiting not having a space of their own. Certain family members can be tough to live with for any period over a few days so separating them can help you retain your sanity. Take the time to see what other rooms in your local area are renting for. You can get an idea of what to price your Airbnb listing or long-term rental listing.
Converting the Garage into Workshop or Entertainment Area
Conversion of the garage into a workshop is frequently done with a homeowner deciding to build a detached garage. The detached garage can also be used for storage or a workshop. Teenagers might love a workshop to hang out in with their friends where they can be supervised while retaining privacy. The added ability to take on home improvement projects seamlessly if you are handy can provide convenience. Being able to handle a renovation yourself can save massive amounts of money. Doing this without worrying about quality on upgrades will maximize the value of the home.
Finish the Basement to Increase the Livable Square Footage of the Home
Finishing the basement is more commonly done than it was in the past. The basement can be used for storage and entertainment simultaneously. The basement can also act as a gym as the basement is the perfect place to make noise without bothering the rest of the family or neighbors. If you want to turn this into another bedroom then all you need is a space heater if the basement lacks insulation for warmth in the winter. Take the time to consider the possibilities for a finished basement. This can be just another feature that buyers love when it comes time to sell.
Home improvements are inevitable so make sure you take a proactive approach. You do not want to put off an improvement or renovation that results in extensive/expensive damage to the home.